VastNed Retail sells French retail warehousing (FR/NL)

VastNed Retail has signed an agreement for the sale of its retail warehousing investment “ La Croix Blanche” in Sainte-Geneviève-des-Bois, France to Warburg-Henderson Kapitalanlagegesellschaft für Immobilien mbH.

The sale has been realised at a price of EUR 15.6 million to Henderson Global
Kapitalanlagegesellschaft für Immobilien mbH, which is above the latest appraisal
value of December 31, 2003. “La Croix Blanche” is an 8,000 sqm retail warehousing
project in Sainte-Geneviève-des-Bois with six retail units. The current passing rent
amounts to EUR 1.1 million per year. Transfer of the project will be effected as per
October 1, 2004.

Hans Pars, chief investment officer of VastNed Retail: “The investment market for
retail warehousing has become more and more popular over the past few years.
Through this sale we were able to benefit from the market conditions and capture a
substantial capital gain.”

VastNed Retail invests in high street shops, shopping centres and retail warehouses
located in good and top locations in The Netherlands, Spain, Belgium, France,
Germany, Italy and Portugal. Invested capital amounted to EUR 1,567 million as at
March 31, 2004.

Source: VastNed

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